New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-09-19
THE PETROLEUM M/RKEL

NEWS FROM THE FIELD AND RANGE OP PRICEA
Without any Justification for IL In the condition OF the
led in other directions the oil market last week
peenced OF those terrific breaks in prices which rem
der 1t attractive SPECTATORS but which tend 10
njure It in the Of the general public. Admitting all
that be claimed with regard trading and TOO
large extension OF weak long interest," the fact remains
that prices could not have fallen Is cents within two
business days senseless panic had seized the trade
1t will be conceded that the decline only beyond
the reaction expected by conservative bulls, but
ceeded the expectations OF most OF the bears Heavy
nqudatons responsible starting decline, bus
1t would hardly have far had been easier
at the West, the bears had resorted liberal
OF INSCRIPTIONS concerning the
ference OF the producers The advance has shown
the possibility OF revivng interest in the commodity the
break ought 10 be stimuli us TO the organization and
operation OF the Western producers They to-day
probably better organized than they before bus
they should and could be stronger The refining interest
powerful because It is massed and controlled BY close
central direction While the producers hardly hope
rival the sody OF Standard Oil Trust they surely
attain TO such compact union would triple their
ability control their end OF the oil industry and
the refining interest more nearly equal footing After
all is admitted that be laid at the doors Of monopoly
producers mainly responsible themselves for
low range Of values ruling long, The 300000 900 bar
OF above ground and grim barrier
to wishedfor prosperity. Wipe one half Of these
stocks and oil. while still cheap the consumer, would
render reasonable profits 10 the welLowner In
spite OF reports the contrary, the present work OF
soidifying the producing interests and secur-
ing curtaiIment OF the yield and suspension OF the
drill has proceeded most encouragngy Its ultimate
Of may be challenged within the next few
months results Will be open all observers in the trade
statistics and the market quotations Failure means low
prices success will bring substantial Improvement And
the Limitation Of the output which proposed no moro
artificial than Is the blowing out Of blast furnaces when
the iron trade table, the closing VI mills when
the principal mars are overstocked The producers'
haraships as the other eontractions instanced.
There was no radical change last week In the aed
FROM 81 BEING
q con dc @ ay but the new Ss I
white fields Further additions the output Of But
S'1s @ % 20
we resSssa ses aS %e9'h his s month
moderate estimate place reduction 500 barrels.
and q reduction nigh. easily reach
barrels against sa,Is5 barrels 10 september. 1886 and
6a, month one dCarl The deliveries have averaged
daily excess Of dcSeres is 2s5ia barrels against
% Of aSs o.
ss rhs to ss s seSnss 1@ IS
s;:.:: Is! ::;, Rl E; s ;;
surprise but the fact crcdabe both the oil trade ane
its Exchange that important failures resulted from the
The week marked the elimination Of
bull which had carried values from ab0ut
GO TO rs cents. The market opened strong and
reached It's highest point Tuesday morning Within
days amid excited and semi panieky dealings. prices
dropped without reactions reaching cents 70 81 cents
Such decline naturally stimulated overuadng on the
bear side and brought In substantial buyers Tho
result sharp rally 10 81 is cents but this did noe
hold closing prices only little above the lowest
figures OF the Compared with the preceding week
the net decline Is rs cents compared with the
week preceding that, the net decline 10
10 cent he mirket now Is only 10 cents
above the lowest prices ycar-54 cents-Ouchcd
OF July. II the break Is discouragng.
bull comfort from the fact that
advance Of is 20 90 cents secured on the expeeta
that the producers would restrict the output Should
actual results OF The movement become apparent, what
would be the measure OF possible advanced The cnect
OF the decentralization into which the market throw!
will naturally be 10 discourage the bulls
repei public interest on the other hand prices low.
big liquidation has been accomplished. Oil Is probably 10
hands, and the statistical outlook improving
Carrying low and floating certificates were
the end OF the In final dealings
obvious attempt depress prices under the
nuence OF such hanmerng the market closed weak
The range in prices and the total dealings In National
Transit certificates the Consolidated Stock and Pe0s
eum Exchange for the last three weeks follows
Week rnded- Sept g. Sept. 10. Sept IL.
DDeu